Divorce is always a complex matter, but the process can become even more complicated if you and your ex-spouse own a business together. There is no single course of action that will work for everyone who is a joint business owner during a divorce, but it is important to understand why the process can be so challenging.
Thanks to social media, it's not uncommon to hear about expensive celebrity divorces. Many divorces, like the ones we read about in the papers, are extremely complex due to the amount of assets the divorcing couple owns, such as pensions, retirement accounts and vacation homes.
All but a handful of states divide marital property at divorce based on the principle of equitable distribution. Note: you don't have to ask a court to intervene, but if you and your spouse are unable to agree on property division in Massachusetts, then the court will endeavor to equitably divide marital assets and debts. Keep in mind, though, that "equitable" is not necessarily the same thing as "equal."
Massachusetts celebrity news fans may be interested to hear that Dennis Quaid has recently filed for divorce from his third wife. The filing follows a back-and-forth separation and divorce process that the couple has been going through since early this year. The couple has 4-year-old twins.